BASF posts huge Q2 loss

BERLIN (AFP) – German chemicals giant BASF on Friday reported a huge second-quarter loss owing to a massive writedown and an auto sector slump generated by the coronavirus crisis.

The group said preliminary results showed a EUR878 million (USD990 million) loss for the quarter due in part to a drop in the value of its shareholding in Wintershall Dea because of a plunge in oil and gas prices.

Core earnings meanwhile reached EUR226 million between April and June, down by 77 per cent from the first three months of the year.